IE University's Family Offices Knowledge Hub released allocation data showing 48% of family office capital now sits in private markets — private equity, venture, real assets, and infrastructure. The figure marks a 12-point rise since 2019 and confirms what deal-flow logs already showed: the families stopped waiting for public-market entries three years ago.
The study, backed by Cuatrecasas, Franklin Templeton, and OpenWealth, tracked 120 single-family offices managing a combined €4.8 billion across Europe and Latin America. Average allocations: 22% private equity, 14% real estate, 8% venture capital, 4% infrastructure. Public equities dropped to 31%, fixed income to 16%. Cash positions held at 5%, unchanged from prior cycles, suggesting families are not building dry powder — they are already deploying it.
The shift is structural, not tactical. Families are buying duration and control. Private equity offers both: 10- to 12-year lockups with board seats and veto rights that public shareholders will never see. Real estate and infrastructure deliver inflation hedges without mark-to-market noise. Venture bets, while volatile, allow families to enter cap tables at Series A and hold through multiple exit windows. The public markets, by contrast, offer liquidity the families do not need and volatility they will not tolerate.
Three catalysts converged. First, central-bank policy made fixed income unattractive for six consecutive years. Families that once held 30% bonds for intergenerational stability found yields below inflation and moved to direct lending and structured credit. Second, the IPO window narrowed. Firms that would have gone public in 2015 now stay private until $5 billion valuations or higher, forcing families upstream. Third, the professionalization of family offices accelerated. Offices that once relied on external advisors now employ former Goldman analysts and KKR operators who know how to source, diligence, and close GP stakes and co-investments.
The report surfaces a second pattern: geographic arbitrage. European families are moving 18% of capital into Latin American real estate and infrastructure, where yields run 400 to 600 basis points higher than comparable European assets. North American families, meanwhile, are buying European health-care and industrial businesses at 8x to 10x EBITDA, valuations 20% below U.S. comparables. The families are not chasing returns — they are buying mispriced stability in markets their peers avoid.
Watch three follow-on moves. First, GP-led secondaries will absorb another $80 billion in family office capital by mid-2025 as continuation funds offer liquidity without forced exits. Second, direct lending allocations will rise as families replace bond portfolios with senior secured loans yielding 9% to 12%. Third, infrastructure co-investments will pull capital from venture as families seek 6% to 8% cash yields with inflation protection. The IE data shows families already moving — the next twelve months will show how fast.
Samsung Securities disclosed its family office unit passed 200 families and ₩55 trillion in assets this month, a 30% year-over-year jump. The growth mirrors the IE findings: families are consolidating capital into single platforms that can access private deals at scale. The era of the multi-advisor family office is ending. The era of the institutionalized family platform has already begun.
The takeaway
Family offices deployed 48% to private markets, a 12-point rise since 2019, reshaping liquidity assumptions across allocator desks.
Editorial & Disclosure Notice: This article was written with artificial intelligence from public sources and is published without individual human review. Artificial intelligence and other digital tools are also used for research, analysis, editing, formatting, and production. Errors, omissions, outdated information, or inaccuracies may occur. References to companies, brands, products, services, organizations, or individuals are for informational and editorial purposes and do not imply endorsement, sponsorship, affiliation, partnership, or approval unless expressly stated. All trademarks and other intellectual property remain the property of their respective owners. Opinions, analysis, estimates, and commentary are informational only and should not be construed as financial, investment, legal, tax, medical, procurement, or other professional advice. Information may be corrected, clarified, or updated after publication. Corrections or removal requests: jenny@pops4.com.
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